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ERM Power Urges A Reasoned, Calm Approach To Finkel Report

ERM Power (ASX: EPW) has welcomed the much-anticipated Finkel Report and hopes that for the sake of energy consumers it will provide a pathway which lends certainty to investors and the energy industry.

CEO Jon Stretch said the company would take some time to digest the recommendations in Chief Scientist Dr Alan Finkel’s report, released today (9 June).

“I would call for a reasoned and calm approach to analysing Dr Finkel’s report,” he said. “We don’t believe anyone should be ruling anything in or out at this early stage.”

Mr Stretch said he hoped the report would provide a pathway that lends certainty to investors and energy industry, benefitting energy users.

An energy policy void over the past decade had fashioned an energy sector in Australia characterised by policy, pricing and security uncertainty, to the detriment of businesses and consumers.

“Never has the need for enduring national energy policy been greater, and the Finkel Report can be the foundation for this, to drive investor confidence and certainty,” he said.

“Baseload generation has been coming offline and not replaced with secure and reliable alternatives. Renewables are the future but gas will be needed as the transitionary fuel as renewables and battery technology evolve on a large, commercial scale,” Mr Stretch said.

“There is a huge opportunity and responsibility to get the transition from fossil fuels to renewables right, given the significant impact on the energy market, economy, jobs and our environment.”

ERM Power is an Australian energy company operating electricity sales, generation and energy solutions businesses. The Company has grown to become the second largest electricity provider to commercial businesses and industrials in Australia by loadi. A growing range of energy solutions products and services are being delivered, including lighting and energy efficiency software and data analytics, to the Company’s existing and new customer base. The Company operates 662 megawatts of low emission, gas-fired power stations in Western Australia and Queensland.